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5122~~
~ FIRST FEDERAL SAVlNGS AND lOAN ~ ASSOCIATION OF FQRT __PIERCE
~- ~ MORTGAGE MODIFICATION, RELEASE ^~
AND ASSUMPTION AGREEMENT ~G~•
Loan No . 23058389
e
Name : KENNETH L. WNELAN
THIS AGREEMENT is made this 29th day of DECEMBER ,
19 gQ, by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCI~TION
OF FORT PIERCE, hereinafter called the "Association", and
K~~NETH L. WHELANa a single adult ' ,
hereinafter ca ied "OwnerCs)".
W I~T N E S S E T H :
- WHEREAS, the Association owns and holds the original pro-
missory note and mortgage executed on August 6th , 1q79 ,
evidencing a principal indebtedness on said date of $ 40.000.00 .
which.mortgage is recorded in Official Record Book 314 , page
1547 of the public records of ST. LUCIE County,
Florida; and
-----~ WHEREAS, said mortgage provides that the Association may
~ declare all of the sums secured by said mortgage to be immedi-
~~ ately due and payable if all or any part of the property or any
~~i interest therein is sold or transferred without Association's
~=~ written consent; and
~'. WHEREAS, title to said property is being trarisferred and
~ conveyed to the Owner(s) who wishes to obtain Association's con-
=.: sent to said transfer and agreement that,the credit of the
~ Owner(s) is satisfactory to the Association and that the interest
rate payable on the sums secured by said mortgage shall ~e at
~~ a rate requested by the Association;
'~ NOW, THEREFORE, in consideration of the covenants and
promises contained herein and for other good and valuable con-
siderations, it is hereby agreed that the aforesaid documents
_ ~ ` be modified as follows:
1. The undersigned Owner(s) hereby expressly assumes
and agrees to pay the indebtedness represented by and due on
the aforesaid promissory note and mortgage and any modifica-
tion or correction thereof in accordance with the terms thereof
and as modified herein. It is agreed that the unpaid principal
balance of said indebtedness as of , 19 8~
is THIRTY NINE THOUSAND SEVEN HUNDRED FORTY NINE AND 1---------- =-
($ 39,749.52-------) and that the interest rate on said indebted-
ness shall be 13.50 per cent per annum, beginning on
t~cember 29th ~ 19 80 , and that commencing on FebruarV lOth ,
1g 81 , the Ownert~s) shall pay said principal and interest
in consecutive monthly installments of F~I1R NIIN(LFII STXTY FjyF AND 33/100-
----------------------($ 465.33---------- ) and a like sum on the
lOth day of each month thereafter until the entire indebted-
ness evidenced by the aforesaid note and mortgage, as modified
herein, is fully paid; except that any remaining indebtedness,
if not sooner paid, shall be due and payable on Mlarch lOth ,
~ 2005 .
2. The undersigned Owner(s) hereby agrees that the afore-
said indebtedness stated in Paragraph 1 above is due according
to the terms and conditions of the aforesaid note and mortgage
and any modification thereof without defense or offset and =
further agrees to be liable for said indebtedness as fully and
to the same extent as if the Owner(s) was.the original maker '
thereon. In addition, the Owner(s) agrees to personally per-
form and to fully abide by all the terms and conditions set ~
forth in said note and mortgage and this agreement.
3. The Association recognizes the Owner(s) as thz new
Obligor(s) on the subject loan, approves the credit of same and
~o~x ~~~ PaGE ~ I 8i
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